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Governance of sustainable development : towards synergies between corporate and political governance strategies

  • The paper explores a framework for analysing governance towards sustainable development. Departing from the thesis about a possible positive role for corporate action, it refers to recent theorizing about both market and government failures. Discussing externalities, public goods, information and adaptation deficits, as well as bureaucracies' self-interest, corruption and capture of the regulator, the paper stresses the importance of governance aiming at synergies between corporate and political governance. Concerning framework conditions, it outlines principles of regulated self-regulation. Following the thesis about a positive role, the paper adds recent insights about theories of the knowledge-based firm, which help to analyse marketThe paper explores a framework for analysing governance towards sustainable development. Departing from the thesis about a possible positive role for corporate action, it refers to recent theorizing about both market and government failures. Discussing externalities, public goods, information and adaptation deficits, as well as bureaucracies' self-interest, corruption and capture of the regulator, the paper stresses the importance of governance aiming at synergies between corporate and political governance. Concerning framework conditions, it outlines principles of regulated self-regulation. Following the thesis about a positive role, the paper adds recent insights about theories of the knowledge-based firm, which help to analyse market evolution. In this context, it outlines the concept of "responsible corporate governance". Because governance involves actors in their daily operations and certainly goes beyond setting a frame, the paper finally discusses innovation-inducing regulation, serving complementary functions to a framework and business operations. The conclusion is drawn that governments' main function is to facilitate learning processes, thus departing from states' function as known from welfare economics. Thus, governance will have to be explored as collective learning, involving business, governments, and civil societies’ actors.show moreshow less

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Metadaten
Document Type:Working Paper
Author:Raimund Bleischwitz
URN (citable link):https://nbn-resolving.org/urn:nbn:de:bsz:wup4-opus-17337
Publisher:Wuppertal Institut für Klima, Umwelt, Energie
Place of Publication:Wuppertal
Year of Publication:2003
Pagenumber:39
Series Title (English):Wuppertal Papers
Volume:132
Language:English
Division:Präsidialbereich
Dewey Decimal Classification:320 Politik
Licence:License LogoIn Copyright - Urheberrechtlich geschützt